Based on the preceding information, which of the following statements are true? a) Irwin Incorporated’s bonds are a better investment than Smith Corporation’s bonds. b) The expected capital gains yield for Smith Corporation’s bonds is positive. c) Johnson, LLC’s bonds are a better investment than Irwin Incorporated’s bonds. d) All of the bonds will have the same value when they reach maturity.

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.